# Trilemma Index Regressions: Pre-GFC vs. Post-GFC

| Variable | MI (Pre-GFC) | MI (Post-GFC) | ERS (Pre-GFC) | ERS (Post-GFC) | FO (Pre-GFC) | FO (Post-GFC) |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | 0.2368 | 0.5180 | 1.4002*** | -0.0726 | 2.1789*** | 3.7730*** |
| | (0.3317) | (0.3996) | (0.5208) | (0.5364) | (0.6391) | (0.6031) |
| Z_2 | -0.0267 | -0.0614 | -0.1867** | 0.0267 | -0.3564*** | -0.5732*** |
| | (0.0515) | (0.0594) | (0.0810) | (0.0798) | (0.1004) | (0.0903) |
| Z_3 | 0.0007 | 0.0019 | 0.0067** | -0.0016 | 0.0153*** | 0.0236*** |
| | (0.0022) | (0.0024) | (0.0034) | (0.0032) | (0.0042) | (0.0037) |
| fiscal_bal_gdp | -0.0000 | 0.0014 | -0.0008 | -0.0001 | 0.0002 | 0.0010 |
| | (0.0008) | (0.0010) | (0.0012) | (0.0014) | (0.0009) | (0.0009) |
| nfa_gdp_lag | 0.0044 | 0.0070 | 0.0142 | -0.0258*** | 0.0053 | 0.0064 |
| | (0.0066) | (0.0072) | (0.0087) | (0.0099) | (0.0080) | (0.0073) |
| rgdp_growth | 0.0004 | 0.0004 | 0.0006 | 0.0008 | -0.0000 | 0.0002 |
| | (0.0004) | (0.0008) | (0.0006) | (0.0011) | (0.0004) | (0.0007) |
| log_rel_opw | -0.0406*** | -0.0390** | 0.0044 | 0.0298 | 0.0893*** | 0.0252 |
| | (0.0113) | (0.0157) | (0.0171) | (0.0215) | (0.0208) | (0.0227) |
| kaopen | -0.0181*** | -0.0142** | 0.0395*** | 0.0422*** | | |
| | (0.0048) | (0.0071) | (0.0072) | (0.0095) | | |
|:---|---:|---:|---:|---:|---:|---:|
| N | 2431 | 1670 | 2614 | 1868 | 2715 | 1943 |
| R² | 0.1384 | 0.1486 | 0.0725 | 0.0731 | 0.1514 | 0.1476 |
| Countries | 141 | 142 | 148 | 145 | 153 | 151 |

*Panel GLS with country and year fixed effects. Pre-GFC: year < 2008; Post-GFC: year >= 2008. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*